The Internet of Things(IoT) is on the threshold of bringing about a paradigm shift in the way marketers market. Find out how things are going to change in just a few years...
How the Internet of Things will change marketing and marketers
1. The Internet of Things
How will IoT transform marketing
and marketers
Author: Prayukth K V
Graphics: Prabahar Chitraikan
Jan 2015i
2. The Internet of Things
How will it look like a few years down?
IoT will disrupt the established industry, individual behaviour and economic models
Over 50 billion things will be connected to the Internet by 2020
A third of them will be computers, smartphones, tablets, and TVs.
The remaining will be sensors, actuators, and intelligent devices that monitor,
control, analyze, and optimize our world
New privacy and data security standards to emerge
IoT will be the largest device market in the world
Common standards and technologies will enable compatibility
Drop in sensor prices, bandwidth availability, and smartphones and tablets sales to
drive growth
Device shipments will reach 6.7 billion in 2019
3. The Internet of Things
What’s already connected?
Healthcare gadgets
5. The Internet of Things
Target better
With more data on usage patterns through smart devices
Through better behavioral and preference profile of the end customer
Shorter product cycles with more focus on incorporating customer feedback
Usage data will flow to the product and marketing teams simultaneously
This means products will be more in-line with what customers expect
Makes it easier to sell with the right messages
IoT will also be able to indicate the position of a prospect in the buying cycle more
accurately
Analytics driven campaigns that are based on millions of data points will become
the norm
6. The Internet of Things
Analyze better
CRMs are turning into analytical engines
Some of them will be able to predict buying cycles thanks to the rich and accurate
data flowing through them
Better understanding of prospect and customer sentiment
Even mundane devices will become important thanks to the data contained in them
Devices become the new sources of value in delivering personalized customer
experience
Opportunity analysis will gain momentum
Feedback conversions will rise
Predicting long term buying patterns will be easier
7. The Internet of Things
What about someone called the customer?
Marketers cannot assume unhindered access to customer data
Customers will become more aware of the data they posses
Customers will definitely control the flow of data from their devices
Will be imperative to provide compelling value to customers to facilitate data sharing
Customer data will continue to gather attention
Marketers will continue to rely on Social media to generate insights into mass
behavior
Early entry into the buying cycle
Gamification?
8. The Internet of Things
Marketing impact
Marketers will have to adapt faster
Those who incorporate IoT in their marketing landscape faster will gain an unfair
advantage
Big data is already helping marketers deal with huge volumes of information
A new generation of marketers will shift completely to IoT-based marketing
IoT will have a disruptive impact on marketing practices
A new degree of complexity could arise; even with all the insights generated through
IoT
Specialized IoT CRMs will be developed with active involvement of marketers
9. The Internet of Things
Marketing opportunities
These will revolve around data generated by four strategic categories
Enablers” that develop and implement the underlying technology
“Engagers” that design, create, integrate, and deliver IoT services to customers
“Enhancers” that devise their own value-added services, on top of the services
provided by Engagers
“Analyzers” tools that will crunch the data generated and prevent inundation
10. The Internet of Things
Marketing opportunities
For some it will be all about data augmenting traditional marketing approaches
For others it will be about the relationship insights
For a few, it will be about opportunities
Few others will try figuring out connected devices that lie outside data protection
and privacy standards
The biggest opportunity however lies in gaining a “complete view of customer”
within and outside your product or service footprint